| Schedule of Losses Recognized on Assets Measured on a Non-recurring Basis |
The following table presents losses recognized on assets measured on a nonrecurring basis for the years ended December 31, 2024, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | (dollars in thousands) | | | | | 2024 | | 2023 | | 2022 | | Commercial mortgage servicing rights | | | | | $ | — | | | $ | — | | | $ | 1,263 | | | Loan servicing rights held for sale | | | | | — | | | — | | | 3,250 | | | Nonperforming loans | | | | | 21,317 | | | 19,421 | | | 8,892 | | | Other real estate owned | | | | | 4,866 | | | — | | | 4,276 | | | | | | | | | | | | | Total losses on assets measured on a nonrecurring basis | | | | | $ | 26,183 | | | $ | 19,421 | | | $ | 17,681 | |
The Company continues to take steps in 2025 to resolve nonperforming assets and improve its overall credit profile. These steps include foreclosures, short sales, pursuit of guarantors and sales of notes. The Company has continued to monitor credit actions and subsequent losses in order to determining the appropriate time period for recognition. Notable credit actions and subsequent losses are presented in the table below, in thousands. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Losses taken by period | | | | | | Asset | | Type of property | | Action taken | | Balance
December 31, 2024 | | 2024 | | First
quarter
2025 | | Second
quarter
2025 | | Total Losses taken | | Reduction in nonperforming assets | | OREO | | Assisted living | | Property sold
May 2025 | | $ | 5,434 | | | $ | (1,472) | | | $ | — | | | $ | — | | | $ | (1,472) | | $ | (1,472) | | $ | (5,434) | | | Loans | | Multi-Family | | Collateral sold
May 2025 | | 3,722 | | | (337) | | | (1,113) | | | — | | | (1,450) | | | (3,722) | | | Loans | | Memory care | | Note sale
June 2025 | | 7,737 | | | — | | | — | | | (3,675) | | | (3,675) | | | (7,737) | | | Loans | | Assisted living | | Charge off
May 2025 | | 7,798 | | | (7,798) | | | — | | | — | | | (7,798) | | | (7,798) | | | Loans | | Multi-Family | | Note sale agreement June 2025
Expected close third quarter 2025 | | 27,354 | | | (2,354) | | | — | | | — | | | (2,354) | | | (2,354) | | | Loans | | C&I Operating | | Charge off
May 2025 | | 11,292 | | | — | | | — | | | (5,847) | | | (5,847) | | | (5,847) | | | Total | | | | | | $ | 63,337 | | | $ | (11,961) | | | $ | (1,113) | | | $ | (9,522) | | | $ | (22,596) | | | $ | (32,892) | |
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